Analytics built by: Location, Inc.
Raw data sources: American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.
Methodology: NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more
With a population of 42,871, 15,207 total housing units (homes and apartments), and a median house value of $170,082, Farmington real estate and house prices are near the national average for all cities and towns.
Single-family detached homes are the single most common housing type in Farmington, accounting for 64.28% of the city's housing units. Other types of housing that are prevalent in Farmington include mobile homes or trailers ( 17.07%), duplexes, homes converted to apartments or other small apartment buildings ( 8.23%), and a few large apartment complexes or high rise apartments ( 7.43%).
Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Farmington. Owner-occupied housing accounts for 67.00% of Farmington's homes, and 65.22% have either three or four bedrooms, which is average sized relative to America.
There is a lot of housing in Farmington built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Farmington built between 1940-1969 ( 30.45%). A lesser amount of the housing stock also hails from between 2000 and later ( 15.00%).
Vacant housing appears to be an issue in Farmington. Fully 13.61% of the housing stock is classified as vacant. Left unchecked, vacant Farmington homes and apartments can be a drag on the real estate market, holding Farmington real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.
Real estate appreciation rates in Farmington's have tracked to near the national average over the last then years, with the annual appreciation rate averaging -0.54% during the period.
Over the last year, Farmington appreciation rates have trailed the rest of the nation. In the last twelve months, Farmington's appreciation rate has been 1.56%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Farmington were at 2.07%, which equates to an annual appreciation rate of 8.56%.
Importantly, this makes Farmington one of the highest appreciating communities in the nation for the latest quarter, and may signal the city's near-future real estate investment strength.
Relative to New Mexico, our data show that Farmington's latest annual appreciation rate is lower than 80% of the other cities and towns in New Mexico.
One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Farmington differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Farmington - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Farmington real estate investment or home purchase decisions.
|$780,001 - $1,041,000||0.2|
|$520,001 - $780,000||2.5|
|$416,001 - $520,000||2.3|
|$312,001 - $416,000||8.6|
|$208,001 - $312,000||19.3|
|$104,001 - $208,000||40.7|
|$52,001 - $104,000||11.6|
|$0 - $52,000||14.6|
|Value Relative to Nation||Value Relative to State|
|Time Period||Total Appreciation||Avg. Annual Rate||
2016 Q4 - 2017 Q1
Last 12 Months:
2016 Q1 - 2017 Q1
Last 2 Years:
2015 Q1 - 2017 Q1
Last 5 Years:
2012 Q1 - 2017 Q1
Last 10 Years:
2007 Q1 - 2017 Q1
2000 Q1 - 2017 Q1
|* 10 is highest|
|AGE OF Farmington HOMES|
|2000 or Newer||15.0|
|1970 - 1999||53.8|
|1940 - 1969||30.4|
|1939 or Older||0.8|
|TYPE OF Farmington HOMES|
|Small Apt. Buildings||8.2|
|SIZE OF Farmington HOMES|
|5 or more bedrooms||3.16|